Sferrat: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Sferrat
Largest movements
- Cash +€126,760
up €126,760 (+211.5%), from €59,933 to €186,693
mainly Net result for the year (+€92,576) and Debts after one year (+€46,905)
- Receivables after one year +€35,471
new in 2025: €35,471
of which Trade receivables: +€25,000
- Receivables within one year -€8,143
no longer reported in 2025 (was €8,143)
- Deferred charges and accrued income +€7,900
up €7,900 (+622.3%), from €1,270 to €9,169
- Reserves +€92,576
up €92,576 (+162.7%), from €56,882 to €149,458
- Debts after one year +€46,905
new in 2025: €46,905
- Tax, wage and social debts +€20,483
up €20,483 (+121.3%), from €16,887 to €37,370
- Gross operating margin +€58,491
up €58,491 (+95.2%), from €61,427 to €119,919
- Taxes +€11,864
up €11,864 (+93.0%), from €12,753 to €24,617
- Financial charges +€1,768
up €1,768 (+786.6%), from €225 to €1,993
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,014 | €234,830 | +€160,816 | +217.3% |
| Fixed assets | 21/28 | €4,668 | €3,497 | -€1,171 | -25.1% |
| Tangible fixed assets | 22/27 | €4,548 | €3,377 | -€1,171 | -25.7% |
| Plant, machinery and equipment | 23 | €3,365 | €2,604 | -€761 | -22.6% |
| Furniture and vehicles | 24 | €1,183 | €773 | -€410 | -34.7% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €69,346 | €231,333 | +€161,987 | +233.6% |
| Amounts receivable after more than one year | 29 | - | €35,471 | +€35,471 | |
| Trade receivables | 290 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 291 | - | €10,471 | +€10,471 | |
| Amounts receivable within one year | 40/41 | €8,143 | - | -€8,143 | |
| Other amounts receivable | 41 | €8,143 | - | -€8,143 | |
| Cash at bank and in hand | 54/58 | €59,933 | €186,693 | +€126,760 | +211.5% |
| Deferred charges and accrued income | 490/1 | €1,270 | €9,169 | +€7,900 | +622.3% |
| Total equity and liabilities | 10/49 | €74,014 | €234,830 | +€160,816 | +217.3% |
| Equity | 10/15 | €56,982 | €149,558 | +€92,576 | +162.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €56,882 | €149,458 | +€92,576 | +162.7% |
| Distributable reserves | 133 | €56,882 | €149,458 | +€92,576 | +162.7% |
| Amounts payable | 17/49 | €17,031 | €85,272 | +€68,240 | +400.7% |
| Amounts payable after more than one year | 17 | - | €46,905 | +€46,905 | |
| Financial debts | 170/4 | - | €46,905 | +€46,905 | |
| Amounts payable within one year | 42/48 | €17,031 | €38,367 | +€21,336 | +125.3% |
| Trade debts | 44 | €144 | €997 | +€853 | +591.3% |
| Suppliers | 440/4 | €144 | €997 | +€853 | +591.3% |
| Taxes, remuneration and social security | 45 | €16,887 | €37,370 | +€20,483 | +121.3% |
| Taxes | 450/3 | €16,887 | €37,370 | +€20,483 | +121.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €486 | €1,171 | +€685 | +141.1% |
| Other operating charges | 640/8 | €270 | €66 | -€205 | -75.7% |
| Gross operating margin | 9900 | €61,427 | €119,919 | +€58,491 | +95.2% |
| Operating profit (loss) | 9901 | €60,672 | €118,683 | +€58,011 | +95.6% |
| Financial income | 75/76B | €55 | €503 | +€447 | +806.2% |
| Recurring financial income | 75 | €55 | €503 | +€447 | +806.2% |
| Financial charges | 65/66B | €225 | €1,993 | +€1,768 | +786.6% |
| Recurring financial charges | 65 | €225 | €1,993 | +€1,768 | +786.6% |
| Profit (loss) for the period before taxes | 9903 | €60,502 | €117,193 | +€56,690 | +93.7% |
| Income taxes | 67/77 | €12,753 | €24,617 | +€11,864 | +93.0% |
| Profit (loss) for the period | 9904 | €47,749 | €92,576 | +€44,827 | +93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,749 | €92,576 | +€44,827 | +93.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.